RIIL quarterly results remain unimpressive

Reliance Industrial Infrastructure Limited (RIIL) has come out with its un audited results for the first quarter of FY17. The total revenues have increased by 4 per cent QoQ  whereas the revenues were down by 1.05 per cent compared to similar quarter previous year. 

The net profit has declined by 4 per cent on QoQ basis whereas the profits have declined by 32 per cent on YoY basis. 

The quarter ended June 30, 2016 RIIL achieved total revenues of Rs 2,628 lakh compared to Rs 2,656 lakh achieved in the corresponding period of the previous year. 

For the quarter ended June 30 ,2016: Income from product transportation services has increased marginally from Rs 625 lakh to Rs 635 lakh on YoY basis. 

Income from hiring construction machinery has decreased from Rs 925 lakh to Rs 879 lakh on a YoY basis.

Income from IT support services has increased by 5 per cent from Rs 450 lakh to Rs 475 lakh on a YoY basis.

Income from other support services has decreased marginally from Rs 329 lakh to Rs 323 lakh on a YoY basis. 

Net profit during the quarter ended June 30, 2016 is Rs 302 lakh as compared to Rs 316 lakh of 4th quarter of previous FY and Rs 445 lakh on YoY basis. The company also announced in its filing at BSE that it has no plans of expansion on anvil. 

The stock is trading down at 10.36 am on Thursday, by almost 1.40 per cent on an intra-day basis. The broader market is trading flat to negative with Sensex down by almost 43 points at 27770 levels.